(Alliance News) - Essentra PLC on Wednesday said its GBP60 million share buyback programme will run for a further year until the end of 2024.
The Oxford-based components company said it has bought back 12.3 million shares worth GBP22.2 million so far under the programme which was launched in late March.
It decided to extend the programme to December 31, 2024 from December 31, 2023 as a result of "a disciplined focus" on capital allocation requirements, including the acquisition of Milan-based manufacturer and distributor of protective caps and plugs BMP SRL.
In September, Essentra bought BMP TAPPI for up to EUR37 million.
The company will pay EUR33.5 million for BMP TAPPI, as well as a deferred payment of up to EUR3.5 million.
Shares in Essentra were up 2.5% to 166.20 pence each in London on Wednesday morning.
By Greg Rosenvinge, Alliance News senior reporter
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Essentra (ESNT)